Raytheon has been awarded $42 million for the initial concept development and program planning for the Standard Missile-3 Block IIB, which is the Missile Defense Agency's next-generation Aegis missile.

"Raytheon is the lowest-risk, lowest-cost, most-technically capable provider of missile defense solutions," said Frank Wyatt, vice president of Raytheon's Air and Missile Defense Systems product line. "SM-3 has successfully defeated 18 incoming ballistic missile threats in realistic test scenarios; it's in a class by itself. Spiral development of the Standard Missile program is the right choice for developing and delivering this capability for the country."

Raytheon's Standard Missile-3 family is a core element of the administration's Phased Adaptive Approach for missile defense. Raytheon engineers have decades of experience in radars, airborne and space-based sensors, interceptors and kill vehicles.

"Raytheon's SM-3 has an exceptional success rate, which is a tribute to all the engineers who have designed and built the system," said Ed Miyrashiro, vice president of Raytheon Missile Systems. "We will continue to build upon our extensive experience, tools and lessons learned to provide the Missile Defense Agency and our nation the best possible missile defense solutions."

Raytheon has delivered more than 130 SM-3s ahead of schedule and under cost as part of its contract with the Missile Defense Agency.